Getting engaged is an exciting time for New Jersey couples. As you look toward your future together, you might want to consider getting a prenuptial agreement. Although these are often viewed negatively, there are certain situations when you should have one.
One of you has already been married
If you or your fiancee have already been married and gone through a divorce, a prenuptial agreement might be a good idea. It’s especially relevant if the party ended up running into problems during the end of their first marriage. A prenup could help prevent a repeat situation from happening.
You have children from a prior relationship
Having children from a prior relationship is a good reason for a prenuptial agreement. It can help protect them and ensure that they get an inheritance their parent wanted them to get. Without this legal document, if that person were to pass away, their spouse could take control of all marital assets, which would leave the children out in the cold.
If one party has significant debt, the other would benefit from a prenup. It could prevent that person from having to be responsible for their spouse’s debts after marriage. Once the union takes place, debt is often commingled and considered marital, so the debtor’s creditors can come after their spouse.
One or both parties own a business
If one or both partners own a business, a prenup can help protect the company and its assets in the event of a divorce. This lets the person keep their professional interests separate from their personal finances. The other spouse will not be able to gain a percentage of the company’s value.
These are some of the most compelling reasons to get a prenuptial agreement before walking down the aisle.